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|Life & Health segment||
|Property & Casualty segment||
George Sartorel, Regional CEO for Asia, comments:
“Allianz Asia has achieved a very strong first-half, with solid growth across both top line sales and bottom line profit. This outperformance underscores the quality of our regional franchise, clear growth strategy and diversified portfolio in Asia. A big part of our strategy is about delivering the best propositions to Asia’s growing customer base, and this performance also reflects the foundation and investments Allianz has built up in recent years to meet this rising demand.
“We have made substantial progress in our Life & Health business, with annualized new premiums (ANP) growing 45%, reflecting the strong organic growth in our core distribution channels. While agency remains our largest channel, the recent partnerships with PNB in the Philippines, E-sun Bank in Taiwan and Maybank in Indonesia have displayed very positive momentum. As of July 2017, we have also extended our long-term partnership with HSBC into Manila. New business value increased 43% due to an active shift towards more capital-efficient products in key markets like China and Southeast Asia, as well as from higher unit-linked premiums in Taiwan.
“We also posted positive growth in our Property & Casualty business, particularly in China and Sri Lanka, however, profitability was slightly lower due to impairment and consolidation effects. Significantly, our proven ability to innovate across products, platforms and services embeds Allianz more closely with Asia’s increasingly digital-savvy customers. In the last six months, we have tied up with 14 digital partners, bringing simple and affordable protection solutions to more customers than ever.
Since early August 2017, we have also commenced the landmark partnership with Standard Chartered bank in Hong Kong, Singapore and Malaysia, the first three of the five Asian markets covered in the 15-year general insurance agreement. This strategic alliance deepens our presence and capabilities in the region, allowing Allianz to provide best-in-class products that respond to the diverse protection needs of Standard Chartered’s customers.
We’re very excited about the depth of innovation in our business, and the opportunities we continue to unlock in the region. We’ll continue to build on these strengths and competitive advantages in brand, services and technology as we look to further drive growth and value creation in Asia.”